CGG begins Australian survey

June 18, 2013

CGGVeritas Services SA began a marine 3D seismic survey on June 10 for Karoon Gas Australia's WA-482-P permit area off the Northern Carnarvon Basin.

CGG is utilizing the vessel Geo Caspian. The operation is expected to take abour 56 days. Following the acquisition of the survey, processing and initial interpretation, preliminary results are expected towards the end of calendar year 2013.

The survey is for a total of about 2,386 sq km. This survey is to delineate leads and other prospects identified on existing 2D and 3D seismic data, which are currently being reprocessed. 

The WA‐482‐P permit is in the first year of a three year initial term and the seismic evaluation work will prepare the company for a drilling decision required before the commencement of the third work commitment year.

“Karoon is encouraged by the results of early geotechnical work on WA‐482‐P and looks forward to receiving the 3D seismic data from this acquisition,” said CEO, Bob Hosking. “This permit is the latest addition to Karoon’s high value acreage position in prospective basins worldwide. The outcome of this 3D seismic acquisition is expected to further enhance the prospectivity of the permit.”

Karoon is currently completing the final equity transfer process with the designated authority. At the completion of this process, and subject to completion of farm‐in obligations, Karoon will hold a 100% equity interest in WA‐482‐P.



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